Washington ?EUR??,,????'??? The President?EUR??,,????'???s recently released budget highlights the administration?EUR??,,????'???s priorities for fiscal year 2004. It also signifies tight fiscal times that will produce little or no real growth for popular construction programs. ?EUR??,,????'??The President?EUR??,,????'???s budget represents a mixed bag for AGC. Some AGC members will be happy to see that highway funding has stabilized and Transit funding has gone up,?EUR??,,????'?? said Stephen Sandherr, AGC?EUR??,,????'???s CEO.?EUR??,,????'?? However, other AGC members will be very concerned by the proposed 37% reduction in spending for state waste water revolving funds and the 20% reduction in Army Corps Construction.?EUR??,,????'?? In addition, GSA construction increased over 2002 and the administration has continued its support for Embassy Security by increasing funding by more than 15% to $1.5 billion. As for highway funding, President Bush?EUR??,,????'???s budget submission marks a distinct change from last year?EUR??,,????'???s massive cut in highway funding. The FY 04 budget not only includes increases in highway and transit funding, but also embraces many important AGC initiatives that will ensure a strong program in the future. ?EUR??,,????'??The Fiscal 2004 budget not only recommends more than $31 billion for highways, and more than $7 billion for transit,?EUR??,,????'?? Sandherr said. ?EUR??,,????'??The level of investment and the principles embraced in the budget show a recognition by this administration that the highway program can produce both a short term economic stimulus and serve as the basis for long term economic growth.?EUR??,,????'?? The AGC is especially proud that the President?EUR??,,????'???s budget submission included important elements of AGC?EUR??,,????'???s TEA-21 reauthorization proposal such as: spending down the highway trust fund balance, retaining the user fee concept, retaining the funding firewalls and shifting user fees on ethanol into the highway trust fund. ?EUR??,,????'??The administration has taken an initial step toward meeting the DOT?EUR??,,????'???s documented needs. We look forward to working with Congress and the Administration to address the significant gap that remains between the funding provided in this budget and the needs as expressed by the administration last week,?EUR??,,????'?? said Sandherr.